QIA is leading a group of investors that will underwrite the equity ­raising to pay back a ­Citigroup loan. Other investors include sovereign wealth fund China ­Investment Corporation.

A source close to the deal said: “There have been a number of deals with ­property companies of this nature. They’ve breached their covenants for their financing, so recapitalisation in the property market has been quite common. We do expect to see more in the coming months.”

Other deals of this kind include Max Property’s £150m IPO issued in May this year. Ashurst’s Holmes was again involved for ­Morgan Stanley on the deal, while Clifford Chance ­partner Adrian Levy advised Max Property.

Another deal went to Ashurst and Freshfields Bruckhaus Deringer, which advised on Capital & Regional’s £69.2m capital raising this summer. Ashurst advised the banks, hile Freshfields was instructed by the property investment company.